XRP in Jeopardy as Analyst Predicts 'Game Over' Following Failed CLARITY Act Vote
Crypto analyst Steph Is Crypto (@Steph_iscrypto) believes it's game over for XRP. He cited the asset's recent 15% drop on the 30-minute chart, which he attributed to the US Senate blocking the CLARITY Act from advancing on September 15.
The proposed bill aimed to create a new federal regulatory framework for the $2.3 trillion crypto industry. Its failure to secure 60 votes led to a market-wide sell-off.
Despite this gloomy outlook, Steph's analysis suggests that XRP is currently trading on top of its downward support line on the 4-hour chart. This trendline was last touched after the late August breakout and has bounced back in the past.
On the daily chart, Steph identified support holding near $1.27 to $1.28, a zone that has kept XRP up for several months. Losing this support could lead to a drop to $1.15 to $1.20 before any recovery begins.